GoldenPeaks Capital (GPC) and Envision have entered into a memorandum of understanding (MoU) for the deployment of 1GWh of battery energy storage systems (BESS) projects across Europe.
The partnership seeks to expedite the implementation of advanced storage systems that enhance grid stability and facilitate the energy transition in major European markets.
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The MoU was signed in London, UK, with attendees such as Daniel Tain, co-founder and co-chair of GoldenPeaks Capital, and Lei Zhang, chair of Envision.
The formal signing was carried out by Fubin Lu, chief procurement officer of GoldenPeaks Capital, and Henry Peng, senior vice-president of Envision Energy.
Envision will supply its high-energy-density BESS technology, designed for quick response to renewable intermittency and enhanced system flexibility at the grid level.
The initial two projects, which together account for 344MWh out of the planned 1GWh capacity, have been awarded to Envision.
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By GlobalDataThis marks the beginning phase of implementation under this collaboration.
GPC has obtained 2.5GWh of capacity market-awarded BESS projects in Poland.
It also secured funding for its initial projects through the European Infrastructure Debt Fund.
Zhang said: “We are entering a critical era in which renewable energy must go hand in hand with world-class energy storage for grid stability and flexibility. This collaboration with GoldenPeaks Capital reflects our commitment to transform Europe’s energy infrastructure at scale.”
All GPCH BESS projects have successfully obtained long-term revenue streams by winning capacity market contracts. This achievement guarantees predictable and stable cash flows for BESS assets, which will provide essential grid support services to the Polish electricity grid, stated GPC.
Tain said: “This MoU marks another important step in our commitment to deliver innovative and scalable energy storage solutions across Europe.
“Envision’s high-energy-density technology perfectly complements our strategic vision to deploy state-of-the-art systems that support the reliability and sustainability of Europe’s power grids.”
Earlier this month, Envision Energy announced a partnership for Kazakhstan’s 1GW Mirny Wind Farm, marking the country’s inaugural renewable energy project.
